New research finds UK exports to the EU have dropped by 12% since Brexit. Most of this damage comes from leaving the single market, and rejoining only the customs union would not solve the main issues.
New research shows that UK exports to the European Union have fallen significantly since Brexit. They are down by 12% overall.
Experts say most of this drop is because the UK left the EU's single market. This means new rules and checks for businesses, not just customs duties.
Exports of goods are down by 16%, and services by 7%. Industries like travel, finance, and food have been hit particularly hard.
The study suggests that rejoining only the customs union would fix only a small part of this problem. It would help with some paperwork for goods but not the bigger issues for services.
To recover more trade, the UK would need to rejoin the single market. However, this would involve difficult choices, such as accepting free movement of people and contributing to the EU budget.
